Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31false2022-06-013The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.record production3falsetrue 04753334 2022-06-01 2023-05-31 04753334 2021-06-01 2022-05-31 04753334 2023-05-31 04753334 2022-05-31 04753334 c:Director1 2022-06-01 2023-05-31 04753334 d:PlantMachinery 2022-06-01 2023-05-31 04753334 d:PlantMachinery 2023-05-31 04753334 d:PlantMachinery 2022-05-31 04753334 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 04753334 d:ComputerEquipment 2022-06-01 2023-05-31 04753334 d:ComputerEquipment 2023-05-31 04753334 d:ComputerEquipment 2022-05-31 04753334 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 04753334 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 04753334 d:CurrentFinancialInstruments 2023-05-31 04753334 d:CurrentFinancialInstruments 2022-05-31 04753334 d:Non-currentFinancialInstruments 2023-05-31 04753334 d:Non-currentFinancialInstruments 2022-05-31 04753334 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 04753334 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 04753334 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 04753334 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 04753334 d:ShareCapital 2023-05-31 04753334 d:ShareCapital 2022-05-31 04753334 d:RetainedEarningsAccumulatedLosses 2023-05-31 04753334 d:RetainedEarningsAccumulatedLosses 2022-05-31 04753334 c:FRS102 2022-06-01 2023-05-31 04753334 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 04753334 c:FullAccounts 2022-06-01 2023-05-31 04753334 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 04753334









SONGPHONIC RECORDS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
SONGPHONIC RECORDS LIMITED
REGISTERED NUMBER: 04753334

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
36,818
37,574

  
36,818
37,574

Current assets
  

Debtors: amounts falling due within one year
 5 
31,753
45,172

Cash at bank and in hand
 6 
2,221
5,134

  
33,974
50,306

Creditors: amounts falling due within one year
 7 
(155,421)
(142,734)

Net current liabilities
  
 
 
(121,447)
 
 
(92,428)

Total assets less current liabilities
  
(84,629)
(54,854)

Creditors: amounts falling due after more than one year
 8 
(1,074,000)
(1,312,000)

  

Net liabilities
  
(1,158,629)
(1,366,854)

Page 1

 
SONGPHONIC RECORDS LIMITED
REGISTERED NUMBER: 04753334
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

2023
2022
£
£

Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(1,158,631)
(1,366,856)

  
(1,158,629)
(1,366,854)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
O Kent
Director

Date: 20 February 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SONGPHONIC RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Songphonic Records Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act.
The Company is a private company llimited by shares and is registered in England and Wales. The address of the Company's registered office is St Ann's Court, St Ann's Hill Road, Chertsey, Surrey,     KT16 9NW.
The Company's functional and presentational currency is pounds sterling (GBP) and the financial statements are rounded to the nearest pound (£).
The principal activity of the company in the year under review was that of record production.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, due to the ongoing support of the ultimate parent company Songphonic Limited (Jersey).

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
SONGPHONIC RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery
-
2
years
Computer equipment
-
2
years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
SONGPHONIC RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

2023
2022
£
£

Wages and salaries
20,000
20,000

Cost of defined contribution scheme
1,816
1,690

21,816
21,690


The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 5

 
SONGPHONIC RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2022
176,463
28,413
204,876


Additions
5,970
1,741
7,711



At 31 May 2023

182,433
30,154
212,587



Depreciation


At 1 June 2022
142,951
24,351
167,302


Charge for the year on owned assets
4,796
3,671
8,467



At 31 May 2023

147,747
28,022
175,769



Net book value



At 31 May 2023
34,686
2,132
36,818



At 31 May 2022
33,512
4,062
37,574

Page 6

 
SONGPHONIC RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,190
1,190

Other debtors
7,396
24,315

Prepayments and accrued income
23,167
19,667

31,753
45,172



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,221
5,134

2,221
5,134



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,720
368

Other taxation and social security
10,119
974

Other creditors
133,032
136,392

Accruals and deferred income
4,550
5,000

155,421
142,734



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
1,074,000
1,312,000

1,074,000
1,312,000


Debenture
There is a fixed and floating charge against all present and future assets held by the company, the charge is registered to the parent company Songphonic Limited.

Page 7

 
SONGPHONIC RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £1,816 (2022 - £1,690) . Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


10.


Controlling party

Songphonic Limited (incorporated in Jersey) is regarded by the directors as being the company's parent  company and ultimate controlling party.  The company's registered office is Le Quesne Chambers, 9 Burrard Street, St Helier, Jersey JE4 5UE

 
Page 8